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February 28, 2009

Can I take the deduction for my Traditional IRA contribution and still receive the Saver’s Credit?

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Can I take the deduction for my Traditional IRA contribution and still receive the Saver’s Credit?

Can I take a deduction for my Traditional IRA contribution and still receive the Saver’s Credit?

Yes. If you meet the eligibility requirements for both, you can claim both on your tax return. See the articles The Saver’s Credit- an Often Overlooked Retirement Savings Benefit  and Active Participant Status–Can You Deduct Your IRA Contribution?

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Excess deferral

Definition Salary deferral contributions, contributions are limited to the lesser of the IRC § 402(g) limit or 100% of compensation. Salary deferral contributions in excess

Compensation Cap

Definition The compensation cap is the maximum amount of compensation that may be taken into consideration when determining contributions  to employer sponsored retirement plans,  such

Catch-up Contribution

Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the

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